GNOG Deadline Extended by DraftKings

By Jadine
Published April 6, 2022

Golden Nugget Online Gaming (GNOG) acquisition target date of May 31 has been set by DraftKings after missing the earlier Q1 deadline.

It was revealed in August 2021 that DraftKings would acquire GNOG. Golden Nugget Online Gaming is valued at $1.56 billion (£1.19 billion or €1.42 billion) by DraftKings for 0.365 newly issued shares per common share.

In exchange for the DraftKings shares worth over $700 million that he would receive, GNOG’s chairman, CEO, and major shareholder, Tilman Fertitta, has pledged to hold them for at least one year.

Fertitta will also join the DraftKings board of directors, where he will continue to own the Golden Nugget land-based business in Las Vegas, Nevada.

According to the original plan, the acquisition would be completed by the first quarter of 2022. But the deadline passed without any of the necessary approvals being obtained.

To finish the deal, DraftKings and GNOG are still trying to get the final gaming regulatory approvals, the company said in a statement.

People think that the deal will be done by May 31, 2022, if all the closing conditions are met or waived.

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